Australia: Rate Cut Likely Next Week

Minutes from the recent RBA meeting kept the door ajar to a rate cut next week, and today's CPI figures, especially the fact that the preferred trimmed mean measure rose 0.3%, half as much as the consensus expected and bringing the year-over-year rate to 2.3% from 2.6%. Pushes the door wide open. Barring some major shock in the coming days, the RBA is poised to cut the cash rate 25 bp to 4.5% next week.